Status

Summary

The purpose of this enactment is to allow employees to deduct the cost of providing tools for their employment if they are required to do so by the employer as a condition of employment. The deduction includes an allowance in respect of the capital cost of the tools and rental, maintenance and insurance expenses.

Regulations would set the appropriate depreciation rates applicable to the capital costs for various types of tools.

Mr. Speaker, as a tradesman, although not currently practising, I rise to stand on behalf of my fellow carpenters and other building trades workers or anyone who uses tools in a job.

Recognizing that the recent Conservative budget does acknowledge a tax deduction for the purchase of tools, this bill improves on that, if I may say so, by having no ceiling and no limit. It broadens the parameters of who would be eligible to deduct the expense of these tools for the use and the purpose of earning income.